A new luxury apartment project is in the works along Cincinnati’s riverfront.

Towne Properties, the developer of Captain’s Watch in Mount Adams, is working on plans for phase two of the development. Originally, plans called for three low-rise towers on the western edge of Adams Landing, a 30-acre residential development at the base of Mount Adams. The first condo tower, a four-story, 40-unit building located at 903 Adams Crossing, was completed in December 2006 and every unit has been sold.

Now, Arn Bortz, principal with Towne Properties, said his company is working on plans to build an apartment tower that would house larger, luxury apartments next to the existing Captain’s Watch building.

And while a July 2 email to owners and residents of Captain’s Watch says construction of phase two is scheduled to begin in the fall, Bortz said that is not accurate.

“We’re way early in the talking stages,” Bortz said. “Those meetings are not across the finish line.”

The apartments would be similar in price and quality to a number of the other luxury apartment projects going up around Cincinnati. The rents would be in the area of $2 a square foot.

“We would like to do something the folks at Captain’s Watch would be pleased about,” Bortz said.

Bortz said Towne would be targeting a slightly older renter than those typically found at the Banks or in Over-the-Rhine. He said potential residents would be attracted to nearby amenities such as Theodore M. Berry International Friendship Park and Sawyer Point Park.

Towne Properties already owns the nearly five acres of land just east of the existing Captain’s Watch condo building.

Bortz said it’s too early in the development process to say how large the building might be, how many units would be constructed and when building might begin.

“We want to build a feasible, first-rate product that we can develop profitably,” Bortz said.